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| (Photo Credit: Adomonline.com) |
The Minority in Parliament has vehemently called upon President Akufo-Addo to take immediate action to rescind a proposed regulation aimed at curtailing the importation of various essential items such as rice, fruit juice, margarine, cement, fish, sugar, and 16 other pivotal products. The regulation, championed by Trade Minister Kobina Tahir Hammond, aims to bolster the local currency's value and foster the growth of domestic industries. Under this proposal, individuals seeking to import the specified products would be required to obtain authorization from the Trade Minister.
Concerns and Opposition
In response to this development, the Minority Leader, articulating the concerns of the opposition, denounced the proposed regulation as an ill-conceived policy destined for immediate withdrawal. Addressing journalists on November 22, he stressed the urgent need for the President to reconsider this restrictive initiative, emphasizing its adverse impact on the country's economic landscape.
Citing the World Trade Organization's disapproval of such policy measures, the Minority Leader underscored the potential violation of WTO practices inherent in this proposed regulation. He drew attention to historical precedent, highlighting a prior committee—the Justice Ollennu Committee of 1967—that condemned similar practices related to import licenses, citing their obsolescence and susceptibility to rent-seeking behavior.
Economic Implications and Alleged Motives
The parliamentary opposition expressed grave concerns regarding the anticipated inflationary pressures that could result from imposing import restrictions, asserting that such measures would only exacerbate the economic burden on the citizens of Ghana. Emphasizing the absence of viable substitutes for the restricted products, the Minority Leader denounced the regulation's potential to stifle economic stability and fuel inflation.
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Moreover, the Minority Leader raised pointed questions about the government's approach, highlighting the absence of indigenous production capabilities for the targeted items. Specifically, he questioned the intent to stifle sugar imports despite the lack of a functioning domestic sugar processing facility. Moreover, he voiced skepticism about the purported motivations behind the regulation, alleging a hidden agenda to benefit specific stakeholders aligned with the governing New Patriotic Party.
Concerns about Fairness and Transparency
Expressing apprehension about the potential for favoritism and partisan influences in the regulation's implementation, the Minority Leader voiced concerns about the perceived link between import licensing and political affiliations. He expressed worry that the proposed measures could lead to favoritism in licensing processes, potentially disadvantaging traders without affiliations to the ruling party.
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